Anybody had luck with this market? I know of people who try to exclusively go after this. What are the pitfalls and how do you get your renters?
Howdy Vargha:
Just a few quick ideas. Our sec 8 office has a book of property available where you may put pictures of your unit and advertise it for rent. Also I will put an ad in the papers saying section 8 is great. I have also gotten a lot of calls just off signs in the yard.
The pitfalls are the annual inspections that you need to pass. The red tape dealing with govt. Slow getting money usually a month before first payment. After the first one they will come like clock work. My expereince is a little old and the system may have changed but from all that I have read it is still pretty much the same and the same everywhere.
Hope this helps some
I’ve had good luck the past 7 years,the check is always deposited in my checking the 1st of the month,they will pay some unless they don’t work they will always have lots of babies thats the biggest down fall there rough on the house ,the good side is they have to stay the one year contract so they can’t just up and leave and they must pay for all damege to property or you can tell there case worker that she is in violation,and with most everyone that rents you have to almost beg your money from them ,so you may as well get most of the money from the goverment because most people that rent rent because they make bad choices in lifeoh ya and there boy friends always hang around or live with them .,
I’m not sure if this is true, so I will ask some of you who deal with section 8…I thought I heard or read something about not having complete control over increasing rent after a lease expires. Example, if the lease expires, you can only raise your rent X number of dollars. Can someone confirm or deny this, Thanks in advance.
Regards, Tony.
you can only try to increase it at the end of the lease,they will see what the average rent in same location goes for so you may not get to increase it summit rate increase at least 30 days before lease is up
You must also comply with section 8 living standards. There is an inspector that checks the house to make sure it is up to section 8 housing standards.
If your rent is below what you can get on the open market then one month before the contract renews send the tenant a letter stating the new market rent. If the HA does not want to pay the increase rent don’t renew the contract. As long as my rents are resonable they have always increased it. BUT I keep up with what I know they will pay in my area. If you let the HA - they will bluff you and tell you that there are no increases this year. Remember you do not have to renew and they are trying to keep thier cost down. They rely on you being a cheap skate. If you are cheap, you don’t want to miss one months rent. Not increasing your rent with the market is a mistake.
Every repair you make on a house charge the renter. If I replace a light bulb, I have a fee for it. Many renters will tear things up.
I do credit reports on HA applicants. If they don’t pay others then they will not take care of your stuff.
Get a deposit from every HA applicant.
Inspect thier last house before letting them into your house.
If they break something and don’t pay for it, report them to HA. HA is suppose to stop paying thier rent and kick them off HA if they don’t pay for things they break.
How do they go about setting the amount the voucher will cover in Section 8? Say I have a nice 3 bedroom 70K house, how do we/they set the amount to be paid? Thanks
You ask the HA to do a housing analysis, and they will tell you what the rent should be. Then you decide if that is the market value in your opinion.